Gulf starts at Sheikh Adi-2 25/05/2012
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Interim profits gush at Hydro
Water treatment specialist Hydro International (HYD) reports a strong order book after lifting first-half pre-tax profits 54 per cent to £951,000. The Clevedon, Somerset-based company upped earnings 55 per cent to 4.14p a share and increased turnover 24 per cent to £13.7 million in the six months to June, helped by key waste water contracts with Thames Water and other customers won in 2010.
Hydro, which won two contracts last year to supply its Zickert Sludge Scraper equipment for Thames Water's Beckton and Mogden sites for £19.6 million, won a third deal in February to supply the utility's Crossness site in London. Chief executive officer Steve Hides says the timing of customers' schedules pushed more business into the first half than usual.
The order book at the end of June was up 80 per cent at £25.2 million. However, Hides notes some delays in new ordering as the water industry enters its new five-year spending cycle under tougher constraints from regulator Ofwat, a delay he says the company expects to be made good in the second half.
Hydro says its US waste water business made good progress in the six months to June, delivering the first part of a $2.8 million (£17.5 million) sewer overflow abatement contract with the City of Boonville, Indiana, ahead of schedule. The company says new US business inquiries remain at 'encouraging levels', though it hints at possible delays as a result of US federal budget problems.
Having previously made useful inroads into the Middle East market, Hydro warns progress has stalled for the time being because of political unrest in Egypt and elsewhere. The company's market leading storm water operations grew turnover 6 per cent in the UK, in the face of a flat construction market and tough competition, but helped by product enhancements, while the US side recovered in the second quarter after a particularly difficult first three months.
Hydro, which ended June with £5.8 million cash and has agreed a £3.5 million facility with Barclays Bank for bonds, guarantees and/or indemnities, does not pay an interim dividend, but says the full year payout should reflect progress. House broker Arden sees full-year pre-tax profits advancing modestly from £2.38 million to £2.52 million, with £2.8 million on the cards for 2012.
Recommended by Growth Company Investor at 99p last year, Hydro shares, which have traded between 88.5p and 145.5p over the past 12 months, now trade at 134p, up 3p this morning, yielding 2.8 per cent and valuing the company at £19.2 million. Hold on for now.
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